REPORT 


ON  THE 

J  IV  :  OF  [LLi.NOlS  LIBRARY 


Pension 'Funds 

OP  THE 


CITY  OF  NEW  YORK 


RECEIPTS,  DISBURSEMENTS 

AND 

STATUTORY  PROVISIONS 


WILLIAM  A.  PRENDERGAST 

Comptroller 


BUREAU  OF  MUNICIPAL  INVESTIGATION 
AND  STATISTICS 


NOVEMBER,  1915 


4531-15-1000 


SIP 


October  30,  1915, 


Hoil.  ^^'ILLIAM  A.  Pkendergast, 

Comptroller,  City  of  New  York: 

Dear  Sir — Pursuant  to  your  instructions,  I  have 
caused  to  be  compiled  in  the  Bureau  of  llunicipal  Investi¬ 
gation  and  Statistics  a  statement  of  the  receipts  and 
disbursements  of  the  several  pension  funds  of  the  city,  as 
they  appear  on  the  books  kept  in  the  offices  of  the  funds, 
for  the  ten  years  ending  December  31,  1911,  which  state¬ 
ment  is  submitted  herewith.  (See  Appendix  “  A.”) 

A  summary  of  the  figures  contained  in  the  statement 
referred  to  discloses  the  fact  that  of  the  total  receipts 
of  all  the  funds  for  the  period  stated,  aggregating 
.|34,941,671.69,  exclusive  of  interest  earnings,  the  city  em¬ 
ployees  entitled  to  benefits  contributed,  through  percent¬ 
age  assessments  levied  on  salaries,  |5,230,184.58,  or  less 
than  15  per  cent. 

Of  the  129,714,490.11  contributed  by  the  city 
$13,800,800.71  was  provided  for  directly  by  the  city 
through  specific  appropriations  and  the  diversion  of  por¬ 
tions  of  salary  appropriations.  Attention  is  called  to 
the  fact  that  while  the  appropriations  specifically  allotted 
for  the  replenishment  of  pension  funds  in  yearly  budgets 
amounted  to  only  $0,095,348.84,  the  utilization  of  salary 
appropriations  and  frequent  special  revenue  bond  issues 
authorized  to  meet  deficiencies  has  more  than  doubled  this 
amount. 

The  balance,  $15,913,083.40,  was  composed  of  miscel¬ 
laneous  city  revenues,  which,  under  the  provisions  of  the 
statutes  creating  the  pension  funds,  were  diverted  directly 
thereto,  and  Avhich  otherwise  would  have  gone  directly 
into  the  city  treasury  to  reduce  taxation.  The  appropria¬ 
tion  for  the  Police  Pension  Fund  is  the  only  pension  charge 
which  has  heretofore  appeared  in  the  budget,  as  such,  the 
amounts  appropriated  for  the  two  Supreme  Court  funds 
having  been  included  in  the  salary  appropriations  for  the 
said  courts. 

The  two  following  statements  give,  first,  the  combined 
receipts  and  disbursements  of  all  funds  for  1905  and  for 


4 


1914,  the  first  and  last  years  included  in  the  period  cov¬ 
ered,  and  second  the  total  receipts  and  disbursements  of 

each  fund  for  the  ten  years,  showing  also  the  ratio  of  em-  ^ 

ployees’  assessments  to  total  receipts : 

Comparison  of  Total  Keceipts  and  Disbursements^  All 
Funds,  for  the  Years  1905  and  1914. 

1905.  1914. 


Receipts : 

Contributed  by  the  City — 

Budgetary  Appropria¬ 
tions  .  !^193,946  26 

Special  Revenue  Bonds.  . 

Unexpended  Balances, 

Salary  Appropriations  20,053  07 
Deducted  from  Salaries 
for  Absence,  Fines,  etc.  386,720  61 
Miscellaneous  City  Reve¬ 
nue  .  1,371,607  33 


$1,457,177  42 
207,374  94 

157,426  15 

733,447  65 

1,915,710  18 


Total  Contributed  by  the 

City  . 11,972,327  87 

Contributed  by  Employees — 
Assessments  —  Percent¬ 
age  of  Salaries .  $294,252  52 

Interest  and  Miscellaneous  80,736  85 


$4,471,136  34 


$749,419  12 
125,161  06 


Total  Receipts  ....$2,347,317  24 
Disbursements:  === 

Pensions  . $2,440,439  72 

Expense  and  Miscellaneous  1,154  45 


$5,345,716  52 


$5,049,515  48 
7,775  92 


Total  Disbursements . $2,441,594  17  $5,057,291  40 

Ratio  of  Employees’  Assess¬ 
ments  to  Total  Receipts. .  .  .125  .14 


Rccei 

C 


0 


Dishw 

P 


H 


o 


Pension  Funds  of  The  City  op  New  York. 


SlatcDiciit  of  the  Receipts  and  Disbursements  for 


nil/  J.  J.  I.UI  o 


lidvipU: 

Coiilrihiitcd  hj!  the  Citji — 

l‘.ii(lK(‘tiir.v  A|»i)roi)riiiti()iis  . 

S|K'ci)U  ID'vciuu*  I’.oiids . 

I  iH'XiKMKlcd  Diiliiiicos,  S:iliir.v  Ai)i)n)])ri;iti(>iis. . .  . 

1  >(‘dii('t(‘d  from  Siihirit's  for  Al)S('iic(\  Finos,  eto... 
.Miscolliinoons  (dty  Kovoinu' . 

Total  Coiitrihutcit  hj/  Vitj/ . 

(U)iitrihate(l  hj/  I<]i)ii)loj/ccN — 

Assossmoids-  l’orcoid;if;o  of  Salnrios . 

IntercNt  (uid  M inceltiuieoii.i . 

Total  L'ecrijits  . 

Disharttciaeatu: 

l’('iisions  . 

Exponsos  and  Miscollanoons  . 

'  Total  Dishurse/acat,^  . 

Ratio  of  Uoidributions  of  Employoos  to  Total  Roeoipts 


rnl)lic  School 
Teachers’ 
Retirement 
Fund 

Police 

Pension 

Fund 

Fire 

Department 

Relief 

Fund 

Street 

Cleaning 

Department 

Pension 

Fund 

Depart¬ 
ment  of 
Health 
Pension 
Fund 

Supreme  Supreme 

Court  Court 

College  of  the  City  of  Appellate  Appellate 

City  of  New  York  Div.,  First  Div.,  Second  Total 

New  York  Employees’  l)(‘i)artnu'nt,  Dep,artnu‘nt, 

Rdirement  Retirement  Retirement  Retirement 

F’und  Fund  Fund  Fund 

(181.287. 30 
468,385.52 
097.1.32.76 
1.062.305.09 
4,830,483.07 

$1.3, 161.. 54 
4!)!).!).S 

.$000.00 

.$6,605,348.84 

$484,214.24 

0.5.3,000 . 74 

$153,020.85 

323,7.87.13 

281,945.02 

8,406.73 

1,15!),460.34 

SlldwO,!)?! .  Ot) 
;J.152.S();5.35 

7.5,833.58 

7,020,354.56 

4,!)!)2,,S!)7.70 

.$377,325.31 

$70,000.00 

$171,772.0!) 

15,!)13,6,83.40 

•'{io.TSS.TTd.dd 

.S14.04S,504.04 

$7,.580,402.3S 

.$750,653.00 

.$.377,.325..31 

.$70,000.00 

.$171,772.00 

.$22,068.25 

.$!)()().  00 

.$2!),714,490.11 

2,(K)4.24r).12 
440,4!)") .  S() 

2,6.30,576.45 

.54.077.33 

422,704.6.3 

4.8„853..50 

10.3,268.87 
05.507 .  ,84 

0,208.. 51 

5.230.1,84.58 

300.574.20 

.3.10.8,47 

78., 80 

1.0.’{.S,776.00 

$S.2!).3..^1().42 

.$17,634,148.42 

$7,070,076.58 

$1.231, .301. 13 

.$576,102.02 

.$7.3.108.47 

$171,772.00 

.$.31 .445., 56 

.$000.00 

.$.35.0,8.3,450.60 

.<i:S..32r).r)()S..^)4 

4,(100.2!) 

.$17.767.1. 55.. 38 
1.3.876,10 

.$7,046,471.41 

6.005.42 

.$202.017.. 30 
3.22.3.00 

.$.3,87,405.52 

15.00 

.$04,7(il  .00 

.$171,772.00 

.$22,068.25 

.$000.00 

.$.35,000..350.67 
2,8,700.  !)0 

.$S..‘{.30..'')0S.,S,3 

.$17.781.0.31.48 

.$7.0.53.466., 83 

.$206,140.48 

.$.3,87.420.52 

.$04,761 .00 

.$171,772.00 

.$22,068.25 

.$000.00 

.$.35,0,3,8.060.57 

.24S 

.140 

..34.3 

.170 

.  206 

.145 

7 


Until  very  recently  no  consideration  was  jiiven  to  these 
funds  from  an  actuarial  i)oiut  of  view. 

The  Legislature,  in  creating  the  several  pension  funds, 
acted  with  a  total  disregard  for  all  the  principles  of 
mathematics  and  exhibited  a  willingness  to  pass  pension 
laws  at  the  behest  of  those  expecting  to  benefit  therefrom, 
without  giving  serious  thought  to  the  great  financial 
burden  which  such  laws  would  impose  on  the  city. 

The  folloAving  brief  statements  shoAV  the  sources  of 
income  provided  and  the  benefits  allowed  under  the  stat¬ 
utes  establishing  these  funds.  Appendix  “  B  ”  contains  a 
detailed  statement  of  income  for  the  year  1914  for  each 
fund. 


Public  School  Teiachers^  Retirementi  Pum). 

Income. 

Section  1092  of  the  Greater  New  York  Charter  pro¬ 
vides  the  following  revenues  for  this  fund : 

1.  Deductions  and  forfeitures  from  salaries  of 

teachers,  supervisors,  etc. 

2.  Donations,  legacies,  etc. 

3.  Five  per  cent,  of  excise  fees  belonging  to  The 

City  of  New  York. 

4.  One  per  cent,  of  the  salaries  of  teachers,  super¬ 

visors,  etc. 

5.  Any  other  means  of  income  that  may  be  legally 

devised  for  the  increase  of  said  fund. 

().  All  interest  income. 

Note. — This  section  provides  that  the  Comptroller 
shall  hold  and  invest  all  moneys  belonging  to  said  fund, 
and  by  direction  of  the  Board  of  Education  shall  pay  out 
the  same.” 


8 


Benefits — General. 

The  Board  of  Education  may  retire  any  member  of  the 
teaching  or  supervising  statf  who 

(a)  Is  mentally  or  physically  incapacitated  and 

has  been  engaged  in  teaching  or  school  or 
college  supervision  for  20  years,  15  of  which 
shall  have  been  in  the  public  day  schools  of 
The  City  of  New  York. 

(b)  Is  65  years  old  and  has  been  engaged  in  teach¬ 

ing  or  school  or  college  supervision  for  an 
aggregate  of  30  years.  (New  York  City  ser¬ 
vice  not  specified.) 

(c)  Has  been  engaged  in  teaching  or  school  or  col¬ 

lege  supervision  for  30  years,  15  of  Avhich 
shall  have  been  in  the  public  day  schools  of 
The  City  of  New  York,  on  his  or  her  own 
application. 

Annuities  shall  be  granted  to  those  retired  as  follows  : 

(а)  If  retired  after  30  years  of  service,  one-half  of 

annual  salary  at  retirement,  but  not  less  than 
fOOO — to  the  teachers  and  principals  not 
more  than  |1,500,  and  to  supervising  officials 
not  more  than  |2,000. 

(б)  If  retired  after  20  years’  service,  but  with  less 

than  30  years’,  the  annuity  granted  shall  bear 
the  same  ratio  to  50%  of  the  salary  of  the 
person  retired  that  the  number  of  years’ 
service  bears  to  30  years. 

Special  Benefits — Normal  College. 

Tlie  Board  of  Education  may  retire  any  member  of  the 
teaching  or  supervising  staff  who 

(u)  Is  mentally  or  physically  incapacitated  and 
lias  been  engaged  in  tlie  Normal  College  or 
elsewhere  in  the  public  school  system  of  The 


City  of  New  York  for  10  years  and  has  been 
engaged  in  teaching  or  school  or  college 
supervision  for  an  aggregate  period  of  20 
years. 

(h)  Has  been  engaged  in  teaching  or  school  or 
college  supervision  for  :>0  years,  on  his  or  her 
own  application.  (  New  York  ('ity  service 
not  specified.) 

Annuities  granted  to  those  retired  shall  be  not  less 
than  one-half  of  annual  salary  at  rcdireinent,  and,  in  case 
of  the  President  or  a  Professor,  if  one-half  of  salary  is  not 
an  even  multiple  of  |1,0()(),  it  shall  be  increased  to  an  even 
multiple  of  |1,()00. 

Section  1092  contains  also  the  following  })rovision  : 

‘‘  The  number  of  persons  retired  in  aii}^  one  year  shall 
be  so  limited  that  the  entire  amount  of  the  annuities  to  be 
paid  for  that  year  shall  not  be  in  excess  of  the  estimated 
amount  of  the  retirement  fund  applicable  to  the  payment 
of  annuities  for  that  year.’’ 

For  the  10-year  period  covered  by  the  accompanying 
statement  (Appendix  “A”)  the  total  contribution  by  the 
teachers  amounted  to  |2,0(!4,24(I.12,  or  about  25  per  cent, 
of  the  fund’s  entire  revenue,  which  was  $8,293,516.42.  The 
total  yearly  receipts  of  this  fund  increased,  during  this 
period,  about  47  per  cent.,  excluding  from  the  1914  receipts 
the  portion  of  salary  deductions  for  absence  amounting  to 
about  |200,000,  which  will  probably  be  refunded,  while  the 
yearly  disbursements  for  pensions  increased  124  per  cent. 

The  resources  of  the  fund  during  the  current  year  will 
fall  far  short  of  the  amount  required  to  pay  the  existing 
pensioners.  The  fund  is  in  imperative  need  of  additional 
income,  through  increased  assessments  or  otherwise,  if  it 
is  to  he  continued,  and  those  retired  are  to  receive  their 
annuities  in  full. 


10 


Police  Pension  Fund. 

Income. 

Section  353  of  the  Greater  New  York  Charter  makes 
the  Police  Commissioner  the  trustee  and  treasurer  of  this 
fund,  and  provides  for  the  payment  into  the  fund  of  the 
following : 

1.  All  forfeitures  imposed  by  the  Police  Depart¬ 

ment  upon  members  of  the  force. 

2.  All  rewards,  fees,  gifts,  etc.,  presented  to  mem¬ 

bers  of  the  force  on  account  of  police  services, 
except  such  as  the  Police  Commissioner  may 
allow  said  members  to  retain. 

3.  All  unclaimed,  lost  or  stolen  money,  property, 

etc.,  remaining  in  the  possession  of  the 
property  clerk  for  one  year,  and  for  which 
there  is  no  lawful  claimant. 

4.  Forfeited  and  deducted  pay  of  members  of  the 

force  occasioned  by  absence  for  any  cause. 

5.  From  excise  moneys  annually  $430,000. 

6.  All  moneys  received  from  issuance  of  permits  to 

carry  pistols. 

7.  Moneys  received  from  permits  granted  for  en¬ 

tertainments,  such  as  masked  balls,  etc. 

8.  Two  per  cent,  of  monthly  salaries  of  members 

of  the  force. 

9.  Any  other  moneys  and  funds  applicable  to  any 

police  pension  funds  previously  existing  with¬ 
in  the  limits  of  The  City  of  New  York. 

10.  Unexpended  balances  of  appropriations  for 

salaries. 

11.  Dudgetary  appropriations  for  amounts  neces¬ 

sary  in  addition  to  receipts  from  the  above 
sources,  in  order  to  pay  pensions  granted. 

12.  Gifts  and  bequests  to  the  fund. 


11 


Benefits. 

(Sections  354,  355,  356  and  366.) 

1.  The  Police  Commissioner  may  retire  any  member 
of  the  force  who : 

(ft)  Has  served  more  than  ten  years  and  less  than 
25  years,  and  who  has  become  permanently 
incapacitated,  on  a  pension  of  not  less  than 
one-quarter  nor  more  than  one-half  of  an¬ 
nual  compensation  at  date  of  retirement 
(Sec.  354). 

(h)  Has  been  permanently  disabled  in  the  actual 
performance  of  duty,  on  a  pension  of  not  less 
than  one-quarter  and  not  more  tlian  oiie-half 
of  compensation  (Sec.  354). 

(e)  Is  55  years  of  age,  has  been  in  the  service  20 
years,  and  applies  for  such  retirement,  on  a 
pension  of  not  less  than  one-half  of  full  sal¬ 
ary  (Sec.  355). 

(d)  Has  served  20  years  and  has  become  perma¬ 

nently  disabled,  on  a  pension  of  not  less  than 
one-half  of  full  salary  (Sec.  355). 

(e)  Has  reached  the  age  of  60  years,  on  a  pension 

of  not  less  than  one-half  of  salary  ( Sec.  355) . 

2.  Tlie  Police  Commissioner  must  retire  any  member 
of  the  force  who  applies  for  such  retirement  who 

(ft)  Is  over  55  years  of  age,  and  has  served  for  25 
years,  on  a  pension  of  not  less  than  one-half 
of  salary  (Sec.  355). 

(6)  Is  an  honorably  discharged  soldier  or  sailor 
who  served  in  the  Union  Army  or  Navy  in  the 
Civil  War  and  is  60  years  of  age,  on  a  pen¬ 
sion  of  not  less  than  one-half  of  salary  (Sec. 
355). 


12 


(c)  Is  an  honorably  discharged  soldier  or  sailor 
who  served  in  the  Union  Army  or  Navy  in  the 
Civil  War,  and  has  served  20  years,  on  a 
pension  of  not  less  than  one-half  of  salary 
(Sec.  355). 


S pecial  Provisions. 

I’ensions  shall  be  granted  as  follows : 

Chief  of  Police .  |3,000  00 

Each  Deputy  Chief .  2,500  00 

Each  Inspector  .  1,750  00 

liach  Captain .  1,375  00 

Each  Sergeant  and  each  Detective  Sergeant. . .  1,000  00 

(Sec.  355.) 


Section  355  also  provides  that  pensions  granted  under 
said  section  shall  be  for  the  natural  life  of  the  pensioner, 
and  shall  not  be  revoked,  repealed  or  diminished. 

3.  The  Police  Commissioner  may,  in  his  discretion, 
grant  pensions  to  dependent  parents,  widows  and  orphans 
of  members  of  the  force,  as  follows : 

(a)  To  dependent  parent  or  parents  or  widow  of 
mend)er  killed  in  performance  of  duty,  or 
dying  from  the  effects  of  injury  so  received, 
not  to  exceed  |60()  per  annum  (Sec.  354). 

[h]  To  the  widow  or  widow  and  children  of  mem¬ 
ber  who  dies  after  10  j^ears  of  service,  or  who 
dies  after  having  been  retired,  not  to  exceed 
|300  per  annum  (Sec.  354). 

( (■ )  To  child  or  children  under  18  years  of  age,  of 
member  killed  or  dying  as  stated  in  (a)  and 
(h),  but  leaving  no  widow,  or  after  the 
widow’s  death,  not  to  exceed  |600  per  annum, 
while  a  child  is  under  18  years  of  age  (Sec. 
354). 

Pensions  granted  under  Section  354  may,  in  the  dis¬ 
cretion  of  the  Police  Commissioner,  be  at  any  time  dimin- 


13 


islied  or  revoked.  Pensions  to  widows  shall  terminate 
when  the  widows  remari’y  and  to  children  when  they  marry’ 
or  reach  the  age  of  18  years  (Sec.  356). 

Police  Matrons. 

Section  366  provides  that  the  Police  Board  may  retire 
any  matron  who 

(а)  Has  served  20  years,  and  applies  for  such  re¬ 

tirement,  on  a  pension  of  not  less  than  one- 
half  of  salary. 

(б)  Has  served  less  than  25  years  and  has  become 

incapacitated  for  the  further  performance  of 
duty  through  injuries  received  during  the  per¬ 
formance  of  duty,  on  a  pension  of  not  less 
than  25  per  cent,  nor  more  than  50  per  cent, 
of  her  compensation. 

(c)  The  Police  Board  shall  retire  any  matron  who 
has  served  20  years  and  has  become  perma¬ 
nently  disabled,  on  a  pension  of  not  less  than 
50  per  cent,  of  compemsatiou. 

Pensions  granted  under  this  section  shall  be  for  the 
natural  life  of  the  pensioner  and  shall  not  be  revoked  or 
diminished. 

The  total  receipts  of  this  fund,  exclusive  of  interest  for 
the  ten  years  under  consideration,  Avere  .fl7,579,171.09, 
of  which  f 2, 630, 576. 45,  or  about  15  per  cent.,  was  con¬ 
tributed  by  the  members  of  the  force. 

Also,  the  total  yearly  receipts  of  the  fund,  excluding 
specific  budgetary  appropriations  and  revenue  bonds 
issued,  increased  less  than  11  per  cent,  during  the  ten  years, 
while  the  yearly  disbursements  increased  during  tlie  same 
period  over  89  per  cent.,  thus  necessitating  direct  contribu¬ 
tion  by  the  city  to  coA^er  deficiencies,  either  through  the 
budget  or  by  the  issue  of  special  revenue  bonds,  increasing 
from  1193,946.26  in  1905  to  .fl,450,000  in  1914. 


14 


New  York  Fire  Department  Kelief  Fund. 
Income. 

Section  789  of  the  Greater  New  York  Charter  desig¬ 
nates  the  Fire  Commissioner  as  the  trustee  of  this  fund, 
and  i)rovides  for  the  payment  thereto  of  the  following: 

1.  Fines  and  forfeitures  imposed  by  the  Fire  Com¬ 

missioner  upon  members  of  the  force  by  way 
of  discipline. 

2.  Rewards,  fees,  gifts,  etc.,  on  account  of  extraor¬ 

dinary  services,  except  such  as  the  Commis¬ 
sioner  may  allow  the  members  to  retain  or 
Avhich  shall  be  given  to  endow  a  permanent  or 
competitive  reward. 

3.  Proceeds  of  suits  for  penalties  and  all  license 

fees  collected  in  the  boroughs  of  Manhattan, 
Rrooklyn  and  The  Bronx,  under  the  laws 
relating  to  fire  prevention  and  storage  of  ex¬ 
plosives  and  combustible  materials,  and 
forty-five  per  cent,  of  such  proceeds  of  suits 
for  penalties  and  license  fees  collected  in  the 
boroughs  of  Richmond  and  Queens. 

4.  Proceeds  of  sales  of  condemned  personal  prop¬ 

erty  in  use  by  the  department. 

5.  Deductions  from  salaries  of  members  of  the 

force  for  absence  from  duty. 

G.  Gifts,  bequests,  etc.,  to  fund,  the  total  income 
from  which  shall  not  exceed  |30,000  per 
annum. 

7.  Appropriations  from  City  of  New  York  not  ex¬ 

ceeding  |10,000  per  year. 

8.  Ten  per  cent,  annually  of  excise  moneys  belong¬ 

ing  to  The  City  of  New  York  and  derived 
from  the  boroughs  of  Manhattan,  Brooklyn 
and  The  Bronx,  and 

9.  Four  and  one-half  per  cent,  of  excise  moneys 

belonging  to  The  City  of  New  York  and  de- 


15 


rived  from  the  boroughs  of  Queens  and  Rich¬ 
mond,  or  such  part  of  “  8  ”  and  “  U  ”  as  ma^- 
be  necessary  to  preserve  intact  the  principal 
and  surplus  of  said  fund  as  they  existed 
January  1,  1903. 

10.  Section  188  authorizes  the  Comptroller  to  issue 
special  revenue  bonds  to  provide  for  any  de¬ 
ficiency  in  the  fund. 

Benefits. 

Retirements — Beotion  790. 

1.  Section  790  empowers  the  Fire  Commissioner  to 
retire  and  grant  a  pension  to  any  member  of  the  uniformed 
force  who 

[а)  Has  become  permanently  disabled,  which  dis¬ 

ability  was  caused  or  induced  by  the  actual 
performance  of  duty,  on  a  pension  of  one-half 
of  salary  at  time  of  retirement. 

(б)  Has  become  permanently  disabled  from  any 

other  cause  after  10  years  of  service,  on 
pension  of  one-half  of  salary,  oi*, 

(o)  Has  become  permanently  disabled  before  the 
expiration  of  10  years’  service,  on  a  pension 
of  one-third  of  salary. 

2.  This  section  also  provides  that  partially  disabled 
firemen  shall  not  be  retired,  but  given  such  duties  as  they 
are  able  to  perform,  and  shall  be  compensated  from  the 
relief  fund  as  follows : 

(a)  If  the  permanent  partial  disability  is  caused  or 
induced  in  the  performance  of  duty,  at  the 
same  salary  they  received  at  the  time  dis¬ 
ability  occurred. 

(h)  If  partially  disabled  from  any  other  cause  after 
10  years’  service,  not  more  than  one-half  of 
prior  salary,  or 

(c)  If  such  disability  occurred  before  the  expira¬ 
tion  of  10  years’  service,  not  more  than  one- 
third  of  salary. 


16 


3.  The  Fire  Commissioner  shall  retire  any  member  of 
the  force  who 

(a)  Applies  for  such  retirement,  and  has  served  20 
years,  on  a  pension  of  not  less  than  one-half 
of  salary. 

(h)  Is  found  to  be  permanently  disabled,  and  who 
has  served  20  years,  on  a  pension  of  not  less 
than  one-half  of  salary. 

Pensions  granted  under  Section  790  are  for  the  natural 
life  of  the  pensioner  and  shall  not  be  revoked,  repealed  or 
diminished. 

Other  Pensions — Section  791. 

The  trustee  of  the  Relief  Fund  is  empowered  to  grant 
pensions  to  dependent  parents,  widows  and  children  of 
deceased  firemen,  as  follows: 

(a)  To  the  widow  of  a  member  of  the  force  killed 
in  the  performance  of  duty  or  who  dies  as 
the  result  of  injuries  so  obtained,  not  to  ex¬ 
ceed  one-half  of  salary  at  date  of  decease,  but 
if  such  member  is  a  probationary  fireman, 
not  to  exceed  one-half  the  salary  of  a  fourth 
grade  fireman,  and  if  one-half  salary  is  less 
than  $600,  the  pension  may  be  more  than 
one-half,  but  not  exceeding  |600. 

(&)  If  such  member  leaves  no  widow,  but  leaves 
children  under  18  years,  or  dependent  par¬ 
ents,  the  trustee  may  grant  an  annual  al¬ 
lowance  not  exceeding  one-half  of  salary. 

(c)  To  the  widows,  children  or  dependent  parents 
of  firemen  who  die  while  in  the  service,  from 
any  cause,  or  after  retirement,  not  exceeding 
$300  in  the  case  of  any  one  such  member. 

Special  Provisions. 

(a)  The  amount  of  allowance  to  widow  shall  not  in 
any  case  exceed  $1,000,  and  shall  cease  upon  her  death, 
remarriage  or  misconduct. 


17 


(h)  The  amount  of  allowance  to  any  one  child  or  par¬ 
ent  shall  not  exceed  $000,  and  shall  cease  upon  his  or  her 
death,  marriage  or  reaching  18  years  of  age. 

(c)  If  payment  to  the  widow  ceases  because  of  death, 
remarriage  or  misconduct,  the  trustee  may  thereafter  make 
payments  to  children  or  dependent  parents. 

The  members  of  the  force  do  not  contribute  anything 
to  the  fund  in  the  nature  of  a  regular  assessment. 

This  fund  is  in  better  shape  than  the  two  pre¬ 
viously  discussed,  no  direct  help  from  the  city  in 
addition  to  the  revenues  specifically  provided  having 
been  necessary  until  1912.  In  that  year  it  became  neces¬ 
sary,  in  order  to  provide  for  all  demands  on  this  fund,  to 
secure  legislation  (chap.  457,  Laws  of  1912)  authorizing 
the  Comptroller  to  issue  special  revenue  bonds  for  any 
deficiency  in  the  income  of  the  fund  wherewith  to  pay 
pensions  granted,  and  bonds  were  so  issued  iii  1912, 
amounting  to  $127,097.00,  in  1913,  $149,741.70  and  in  1914, 
$207,374.94.  The  downward  trend  of  the  fund  is  indicated 
also  by  the  fact  that,  excluding  the  proceeds  of  revenue 
bonds  above  mentioned,  tlie  t(dal  yearly  receipts  of  this 
fund  increased,  during  the  period  from  1905  to  1914,  40 
per  cent.,  whereas  the  yearly  disbursements  increased  about 
82  per  cent. 


Street  Cleaning  Department  Pension  Fund. 
Income. 

Section  549  of  the  Greater  New  York  Charter  provides 
for  the  payment  into  this  fund  of  the  following: 

1.  Three  per  cent,  of  employees’  salaries. 

2.  Fines,  forfeitures,  etc.,  assessed  against  em¬ 

ployees. 

3.  Moneys  received  from  scow  trimming  or  assort¬ 

ing  refuse. 


18 


4.  Moneys  from  sale  of  refuse,  ashes  and  garbage 

collected  by  Department  of  Street  Cleaning. 

5.  Proceeds  of  sales  of  condemned  horses  or  other 

property  of  the  department,  except  real  prop¬ 
erty,  and  proceeds  of  sales  of  vehicles,  boxes, 
barrels,  bales  or  other  incumbrances  found  in 
streets,  etc.,  less  the  necessary  expenses  of  the 
sales,  provided  such  proceeds  are  not  payable 
to  lawful  owners,  and  all  moneys  paid  for  the 
release  of  such  property. 

6.  Unexpended  balances  of  appropriations  for 

salaries. 

7.  Gifts  and  bequests  to  the  fund. 

Section  550  designates  the  Commissioner  of  Street 
Cleaning  as  the  trustee  and  treasurer  of  the  fund. 

Benefits  (Sections  552  and  553). 

Retirements. 

1.  The  Commissioner  of  Street  Cleaning  is  empowered 
to  retire  any  member  of  the  Department  of  Street  Cleaning 
who  has  become  permanently  disabled  in  the  actual  per¬ 
formance  of  duty,  on  a  pension  of  |25  per  month.  (Sec¬ 
tion  552.) 

2.  The  Commissioner  shall  retire  any  member  who 
[a)  having  been  examined  pursuant  to  said  mem¬ 
ber’s  application  or  the  Commissioner’s  order, 
is  found  to  be  permanently  disabled,  and  has 
performed  duty  for  10  years,  on  a  pension 
of  not  less  than  I/2  of  salary,  during  the  life¬ 
time  of  the  applicant.  (Section  553.) 

( h )  applies  for  such  retirement,  has  performed  duty 
for  20  years,  and  is  60  years  of  age,  on  a 
pension  of  %  of  salary.  ( Section  553. ) 

Note. — Pensions  granted  under  Section  553 
are  for  the  natural  life  of  the  pensioner  and 
shall  not  be  revoked,  repealed  or  diminished. 


19 


Other  Pensions  (Section  552). 

3.  The  Commissioner  of  Street  Cleaning  is  empowered 
to  grant  pensions  to  the  widow,  children  or  widowed 
mother  of  a  deceased  member,  as  follows : 

(a)  To  file  widow  of  member  killed  in  performance 

of  duty  or  djdng  from  the  result  of  injuries 
so  received,  not  more  than  |3U0  per  annum. 

(b)  To  the  widow  of  member  dying  from  any  cause 

after  10  years  of  service,  or  who  dies  after 
retirement,  if  there  are  no  children  under  18 
years  of  age,  not  more  than  .f200  per  annum. 

(c)  If  there  are  such  children,  such  sum  may  be 

divided  between  the  widow  and  cliildren,  in 
the  discretion  of  the  trustee. 

{d)  To  the  child  or  children  of  member  killed  or 
dying  as  above,  and  leaving  no  widow,  or 
after  the  widow’s  death,  not  to  exceed  |200 
per  annum. 

(e)  To  the  widowed  niotber  of  a  member  who  was 
her  sole  support,  if  member  dies,  not  exceed¬ 
ing  .|200  per  annum. 

Special  Provisions. 

(а)  Pensions  granted  to  widow  or  widowed  mother 

shall  cease  at  death  or  remarriage,  or  if  said 
pensioner  shall  be  guilty  of  conduct  which  in 
the  opinion  of  the  trustee  makes  further  pay¬ 
ment  inexpedient. 

(б)  Pensions  to  children  of  deceased  member  shall 

cease  when  they  marry  or  reach  the  age  of  18 
years. 

This  fund,  which  came  into  existence  September  1,  1011, 
has  no  extended  experience  to  show,  but  notwithstanding 
the  fact  that  the  receipts  for  the  three  and  one-half  years 
of  its  operation  have  amounted  to  |1, 231,301. 13  against 
disbursements  of  |296,140.48,  and  the  probability  that  this 
surplus  will  continue  to  grow  for  several  years,  it  is  cer- 


20 


taiu  that  the  iiiereasing  deiuauds  made  upon  this  fund 
will  within  a  few  j^ears  deplete  the  surplus,  and  place  the 
fund  in  the  same  condition  as  those  previously  cited,  and 
require  additional  income  to  liquidate  its  accruing  claims. 
While  it  is  true  that  in  levying  an  assessment  of  3  per 
cent,  on  salaries,  instead  of  the  lower  rates  levied  for  the 
other  funds,  a  step  in  the  right  direction  was  taken,  yet 
the  inadequacy  of  even  this  assessment  is  clearly  indi¬ 
cated — in  that,  while  the  product  thereof  for  the  year  1914 
was  1128,937.90,  the  annuities  paid  during  the  same  year, 
after  only  three  years  of  operation,  amounted  to 
$163,039.75. 

Of  the  total  receipts  to  December  31,  1914,  the  em¬ 
ployees  contributed  34  per  cent. 

Department  op  Health  Pension  Fund. 

Section  1319  of  the  Greater  New  York  Charter  consti¬ 
tutes  the  Board  of  Health  a  board  of  trustees  of  this  fund. 

Income. 

Section  1320  provides  for  the  payment  into  the  fund 
of  the  following: 

1.  Fines  for  violations  of  sanitary  health  code. 

2.  One  per  cent,  of  employees’  salaries.  (The  law 

is  not  compulsory  and  deductions  are  not 
made  from  the  salaries  of  those  who  do  not 
wish  to  share  in  this  fund.) 

Benefits  (Sections  1321,  1322  and  1323a). 
Retirements. 

1.  The  Board  of  Trustees  is  empowered  to  retire  any 
physician  or  employee  of  the  department  who  shall  become 
permanently  disabled  as  a  result  of  disease  or  injury  ac- 
(luired  in  the  actual  performance  of  duty,  on  a  pension  not 
to  exceed  one-half  or  be  less  than  one-quarter  of  his  annual 
compensation  (Section  1321). 


21 


2.  The  Board  of  Trustees  shall  retire  any  physician 
or  employee,  having  served  for  20  years,  wlio  applies  for 
retirement,  or  who  is  certified  by  the  board  of  examining 
physicians  to  be  permanently  disabled,  on  a  pension  not 
to  exceed  one-half  of  his  annual  salary  at  date  of  retire¬ 
ment  ([Section  1328a). 

Other  Pensions. 

3.  The  Board  of  Trustees  shall  have  power  to  grant 
pensions  to  widows,  widowed  mothers  and  children  of  phy¬ 
sicians  and  employees  who  shall  die  while  in  the  service 
from  disease  or  injury  received  in  the  performance  of  duty, 
as  follows : 

{a)  To  a  widow  or  dependent  widowed  mother,  so 
long  as  she  remains  a  widow,  |300  per  annum 
(Section  1322). 

(b)  If  there  is  no  widow,  hut  children  under  18 
years  of  age,  the  said  $300  per  annum  may 
be  paid  to  such  children  (Section  1322). 

Special  Provisions. 

(a)  Section  1323a  provides  that  pensions  granted 

under  said  section  shall  be  for  the  natural 
life  of  the  pensioner  and  shall  not  be  revoked, 
repealed  or  diminished. 

(b)  Any  other  pension  granted  may,  in  the  discre¬ 

tion  of  the  Board  of  Trustees,  be  diminished 
or  terminated. 

The  amount  contributed  by  employees  to  this  fund  for 
the  ten  years  was  $103,268.87  or  less  than  22  per  cent,  of 
the  total  receipts  from  all  sources,  which  were  $180,591.18 
(excluding  interest  income).  The  toital  disbursements  for 
the  same  period  were  $396,829.27.  Yet  while  receipts  have 
increased  88  per  cent.,  the  increase  in  disbursements  has 
been  339  per  cent. 


22 


College  op  the  City  of  New  York  Ketirement  Fund. 

Income. 

Section  113U-a  of  the  Greater  New  York  Charter  pro¬ 
vides  that  this  fund  shall  consist  of  1  per  cent,  annually 
(or  as  much  thereof  as  is  necessary)  of  the  city’s  share  of 
the  excise  taxes,  and  the  Comptroller  is  directed  to  pay 
annuities  out  of  said  fund  by  direction  of  the  Board  of 
Trustees  of  the  said  college. 

Benefits — Section  1130-a. 

1.  The  Board  of  Trustees  is  empowered  to  retire  any 
member  of  the  supervising  or  teaching  staff  who  has  at¬ 
tained  the  age  of  (>5  years,  has  served  10  years  in  the  said 
college  and  has  served  an  aggregate  of  30  years  in  one  or 
more  educational  institutions  in  the  United  States,  on  an 
annuity  of  one-half  of  his  salaiy  at  the  date  of  retire¬ 
ment,  except  that  the  Bresident  shall  receive  an  additional 
|>1,000,  the  Vice-president  an  additional  $500,  and  if  a 
professor’s  annuity  he  less  than  |3,000  it  may  be  increased 
to  that  amount. 

2.  The  Board  of  Trustees  shall  retire  any  member  of 
the  staff  who  applies  for  retirement  and  has  served  in  the 
college  for  20  consecutive  years  or  10  jnars  in  the  college 
and  an  aggregate  of  30  years  of  educational  service  and 
grant  an  annuity  at  the  rate  stated  under  No.  1. 

3.  The  hoai-d  may  return  any  retired  member  to  ac¬ 
tive  duty  for  a  period  of  not  more  than  one  year.  During 
such  period  he  shall  continue  to  receive  the  annuity  and  an 
additional  sum,  paid  out  of  the  general  college  funds,  suf¬ 
ficient  to  make  his  total  compensation  equal  to  his  salary 
before  retirement. 

The  claims  against  this  fund  are  small,  amounting  to 
$94,761.09  for  ten  years,  and  as  yet  it  has  required  but  a 
small  part  of  the  excise  taxes  allowed. 

The  employees  affected  contribute  nothing  to  the  fund. 


23 


City  of  New  York  Employees’  Ketirement  Fund. 

Income. 

Section  1G7  of  the  Greater  New  York  Charter  provides 
that  the  pensions  granted  against  this  fund  shall  be  paid 
out  of  excise  money’s  belonging  to  The  City  of  New  York. 
No  contribution  by  employees  is  recpiired. 

Benefits. 

Section  1G6  empowers  the  Board  of  Estimate  and  Ap¬ 
portionment  to  retire  any  employee  of  The  City  of  New 
York  (except  those  entitled  to  the  benefits  of  the  funds 
already  discussed)  who  has  been  so  employed  for  30  years, 
or  20  years  if  an  honorably  discharged  soldier  who  served 
in  the  Union  army  in  the  Civil  War,  and  is  incapacitated 
for  the  further  performance  of  duty. 

Section  1G7  provides  that  any  person  so  retired  shall 
be  granted  an  annuity  not  exceeding  one-half  of  his  or  her 
average  annual  compensation  for  three  years  prior  to  re¬ 
tirement. 

The  total  cost  of  this  fund  during  the  ten  3'ears’  period 
was  1171,772.09.  The  payroll  of  these  pensioners  is  grow¬ 
ing  rapidly  larger,  however,  the  disbursements  for  1914 
being  .f97,012.80  as  compared  with  |30, 958.50  for  1913. 

Supreme  Court,  Appellate  Division,  First  Department, 
Retirement  Fund. 

Income. 

Chapter  855  of  the  Laws  of  1911,  as  amended  by  Chap¬ 
ter  138  of  the  Laws  of  1913,  and  Chapter  497  of  tlie  Laws 
of  1914,  provides  that  annuities  gi’anted  under  the  said  act 
■shall  be  paid  out  of  the  funds  apportioned  to  the  Supreme 
Court  of  the  First  Department,  supplemented,  in  the  case 
of  those  retired  under  the  provisions  of  Section  2  of  the 
act,  by  the  payment  into  the  fund  of  1  per  centum  annually 
of  the  salary  of  each  person  entitled  to  the  benefits  of  said 
section, 


24 


Benefits. 

Section  1.  The  Justices  of  the  court  are  empowered 
to  retire  any  employee  of  the  court  who  has  become  incapa¬ 
citated,  lias  served  in  said  court  for  at  least  10  years  and 
in  addition  thereto  has  been  employed  either  in  the  said 
court  or  in  any  office  or  department  of  the  State,  County 
or  City  of  New  York,  providing  the  aggregate  of  such  ser¬ 
vice  is  at  least  20  years,  on  an  annuity  not  exceeding  one- 
half  of  his  average  salary  for  2  years  prior  to  retiring. 

Section  2.  (a)  The  Justices  of  the  court  shall  retire 

any  employee  thereof  who  applies  for  retirement,  has  been 
employed  at  least  I214  years  in  said  court,  and  in  addition 
thereto  has  been  employed  either  in  said  court  or  some 
other  department  or  office  of  the  State,  County  or  City 
of  New  York,  providing  the  aggregate  service  is  25  years. 
The  provisions  of  Section  2  apply  only  to  those  who  con¬ 
tribute  1  per  cent,  of  their  salaries  to  the  fund.  Each  per¬ 
son  so  retired  shall  he  granted  an  annuity  equal  to  one-half 
of  liis  or  her  average  animal  salary  for  the  2  years  prior  to 
retirement. 

(h)  Any  such  employee,  who,  after  20  years’  seiwice,  as 
provided  in  section  1,  shall  lose  his  position  without  fault 
or  misconduct  on  his  part,  shall  be  retired,  on  his  applica¬ 
tion  within  one  montli  of  the  loss  of  position,  on  an  annuity 
equal  to  as  many  twenty-fifths  of  one  half  of  his  average 
salary,  as  above  stated,  as  he  has  served  aggregate  years. 

The  total  requirements  of  this  fund  to  December  81, 
1914,  amounted  to  .122,068.25. 

Supreme  Court,  Appellate  Division,  Second  Depart¬ 
ment,  Retirement  Fund. 

Income. 

Chapter  185  of  the  Laws  of  1913  provides  that  annuities 
granted  thereunder  shall  be  paid  in  the  same  manner  as 
the  salary  of  the  person  retired  was  paid  prior  thereto. 


25 


Benefits. 

The  Appellate  Division  of  the  Supreme  Court,  Second 
Department,  is  authorized  to  retire  any  employee  of  the 
said  court  who  has  served  in  the  said  court  or  any  of  the 
courts  consolidated  therewith,  for  25  years,  and  has  be¬ 
come  incapacitated  for  the  ])e]*formance  of  duty,  on  an 
annuity  not  to  exceed  one-half  of  his  average  annual  salai^ 
for  the  two  years  preceding  retirement. 

But  one  retirement  has  been  granted  under  this  act,  the 
total  disbursement  to  December  81,  1914,  being  |9()(>. 


GENERAL  REMARKS. 

Comment  has  already  been  made  in  this  report  upon 
the  inconsistencies  of  the  provisions  of  law  relative  to 
the  establishment  in  The  City  of  New  York  of  pension  funds 
supported  in  Avhole  or  in  part  from  budgetary  appropria¬ 
tions  or  city  revenues. 

In  setting  forth  tliese  inconsistencies  below,  objection 
is  not  made  to  tlie  policy  of  pensioning  emploj^ees,  nor  is  it 
overlooked  that  the  prospect  of  receiving  pensions  after 
their  public  usefulness  is  ended  lias  doubtless  attracted 
many  to  the  city’s  service.  Nevertheless,  there  are  two 
sides  to  the  subject  of  pensions;  and  in  connection  with 
the  benefits  conferred  by  them  upon  city  employees,  there 
must  also  be  considered  the  additional  taxation  imposed 
liy  them  upon  the  general  public.  lu  view  of  the  city’s 
financial  status,  it  is  highly  important  that  serious  atten¬ 
tion  be  given  to  the  present  and  future  cost  of  tliese  funds. 

Three  elements  of  the  pension  funds  will  be  considered  : 
(1)  the  contributions  to  them,  (2)  the  distribution  of  the 
funds,  (3)  the  inadequacy  of  the  present  contributions 
thereto  and  the  rapid  growth  of  the  deficiencies. 


26 


1.  Contributions  to  the  Pension  Funds. 


A  preceding  table  shows  that  the  total  receipts  of  the 
pension  funds  1905  to  1914,  inclusive,  were  as  follows : 


Amount.  Percentages. 

Contributed  by  the  city... 

.  $29,714,490  11 

82.6 

Interest  and  miscellaneous. 

1,038,776  00 

2.9 

Contributed  by  employees.  . . 

5,230,184  58 

14.5 

Totals . 

100 

The  sources  from  which 

tions  and  the  funds  benefited 

the  city  makes  its 
are  shown  below : 

contribu- 

Excise  Taxes. 

Public  School  Teachers’  Retirement  Fund,  5  per  cent. 
Police  Department  Pension  Fund  ($430,000),  about  7i/^ 
per  cent. 

Fire  Department  Relief  Fund,  10  per  cent,  of  Manhattan, 
Rrooklyn  and  The  Rronx  taxes  and  li/o  per  cent,  of 
Queens  and  Riclimond  taxes. 

City  of  New  York  Employees’  Retirement  Fund,  such  part 
as  shall  be  required. 

College  of  The  City  of  New  York  Retirement  Fund,  not  to 
exceed  1  per  cent. 

Deductions  from  ^^alarics  for  Absences,  Fines,  etc. 

Public  School  Teachers’  Retirement  Fund. 

Police  Department  Pension  Fund. 

Fire  Department  Relief  Fund. 

Department  of  Street  Cleaning  Pension  Fund. 

aS'u/c.s  of  ('ondcmned  Property. 

Fire  Department  Relief  Fund. 

Department  of  Street  Cleaning  Pension  Fund, 


27 


From  Steam  Boiler  Inspections,  Masked  Ball  Permits, 
Sales  of  Unclaimed  Personal  Property,  Pistol  Per¬ 
mits  and  Identification  third  Fees. 

Police  Department  Pension  Fund. 

From  Bureau  of  Coinhustihles,  Foreign  Insurance  Tax,  and 
Penalties. 

Fire  Department  Relief  Fund. 

Fi'om  Privileges  of  Score  Trimming,  Redemption  of  Incum¬ 
brances,  Sale  of  Incumbrances,  Sale  of  Ashes  and 
Garbage  Contract. 

Department  of  Street  C leaning. 

Fines  and  Penalties  for  Violations  of  the  Sanitary  Code. 
Department  of  Health. 

Unexpended  Balances,  Salary  A  ppropriations. 
Police  Department  Pension  Fund. 

Department  of  Street  Cleaning  Pension  Fund. 

Supreme  Court,  Appellate  Division,  First  Department,  Re¬ 
tirement  Fund. 

From  Bndgetary  A  ppropriations  or  Revenue  Bonds. 
Police  Department  Pension  Fund. 

Fire  Department  Relief  Fund. 

Supreme  Court,  Appellate  Division,  First  Department, 
Retirement  Fund. 

Supreme  Court,  Appellate  Division,  Second  Department, 
Retirement  Fund. 

From  “  Interest  and  Miscellaneous  ’’  {Practically  All  from 
Interest  on  Deposits  or  Investments). 

Public  School  Teacliers’  Retirement  Fund. 

Police  Department  Pension  Fund. 

Fire  Department  Relief  Fund. 

Department  of  Street  Cleaning  Pension  Fund. 

Department  of  Healtli  Pension  Fund. 

College  of  The  City  of  New  York  Retirement  Fund. 
Supreme  Court,  Appellate  Division,  First  Department, 
Retirement  Fund, 


28 


Contrihiitions  hy  Employees,  Assessments  upon  Salaries. 

Per  Cent. 

Public  School  Teacliers’  Retirement  Fund .  1 

Police  Department  Pension  Fund .  2 

Fire  Department  Relief  Fund .  0 

Department  of  Street  Cleaning  Pension  Fund. . .  3 

Department  of  Health  Pension  Fund .  1 

College  of  the  City  of  New  York  Retirement  Fund  0 
City  of  New  York  Employees’  Retirement  Fund  0 
Supreme  Court,  Appellate  Division,  First  Depart¬ 
ment,  Retirement  Fund .  1 

Supreme  Court,  Appellate  Division,  Second  De¬ 
partment,  Retirement  Fund .  0 


Arranging  the  various  funds  in  the  order  of  the  size  of 
the  contributions  made  by  the  city  to  them  during  the  ten 
years  ending  December  31,  1914,  we  have ; 

1.  Police  Department  Pension  Fund....  |14, 948,594  04 

2.  Fire  Department  Relief  Fund .  7,580,402  38 

3.  Public  School  Teacliers’  Retirement 

Fund  .  5,783,774  44 

4.  Street  Cleaning  Department  Pension 

Fund  (3  yrs.) .  759,653  00 

5.  Department  of  Health  Pension  Fund.  .  377,325  31 

0.  City  of  New  York  Employees’  Retire¬ 
ment  Fund  .  171,772  09 

7.  College  of  the  City  of  New  York  Retire¬ 

ment  Fund  .  70,000  00 

8.  Supreme  Court,  Appellate  Divisiou, 

First  Department,  Retirement 

Fund  (3  yrs.) .  22,068  25 

9.  Supreme  Court,  Appellate  Divisiou, 

Second  Department,  Retirement 
Fund(lyr.) .  900  00 


$29,714,490  11 


29 


These  funds  are  arranged  below  according  to  the  size 
of  the  contributions  made  by  the  employees : 

1.  Police  Department  Pension  Fund....  .f 2, 630, 576  45 

2.  Public  Scliool  Teachers’  Retirement 


Fund  .  2,064,246  12 

3.  Department  of  Street  Cleaning  Pen¬ 

sion  Fund  (3  yrs.) .  422,794  63 

4.  Department  of  Health  Pension  Fund.  .  103,268  87 

5.  Supreme  Court,  Appellate  Division, 

First  Department,  Retirement 

Fund  (3  yrs.) .  9,298  51 

Remaining  Funds  (4) .  . 

Total  .  .f5,230,184  58 


It  will  be  noted  that  one  of  the  largest  funds,  the 
Fire  Department  Relief  Fund,  receives  no  contributions 
from  its  employees.  This  is  true,  also,  of  the  College  of 
the  City  of  New  York  Retirement  Fund,  the  City  of  New 
York  Employees’  Retirement  Fund,  and  the  Supreme 
Court,  Appellate  Division,  Second  Department,  Retirement 
Fund.  The  employees’  contributions  to  the  remaining 
funds  vary,  being  at  the  rate  of  1  per  cent,  in  three  depart¬ 
ments,  2  per  cent,  in  one  department,  and  3  per  cent,  in 
one  other  department. 

2.  The  Distribution  of  the  Pension  Funds. 

Here  will  be  considered  the  services  or  circumstances 
qualifying  an  employee  or  his  dependents  to  a  pension 
and  the  benefits  received  by  them.  These  matters  have 
previously  been  detailed  in  this  report,  so  that  it  will 
suffice  at  this  point  merely  to  touch  upon  them  generally, 
Avith  a  view  to  pointing  out  the  greatest  variations  from 
the  usual  practice. 

The  term  of  service  required  varies  from  one  day  to 
thirty  years,  it  being  provided  in  tlie  Police,  Fire,  Street 
Cleaning  and  Health  Departments  that  an  employee  is 


30 


entitled  to  a  pension  when  lie  becomes  permanently  in¬ 
capacitated  in  the  performance  of  his  duty.  The  pensions 
jiranted  under  these  circumstances  run  from  |25  a  month 
in  the  Street  Cleaning  Department  to  one-half  the  annual 
compensation  in  Police,  Fire  and  Health  Departments. 
In  case  of  total  incapacity  from  any  cause  after  ten  years’ 
service,  the  employees  of  the  Street  Cleaning  Department 
are  entitled  to  not  less  than  one-half  their  annual  com¬ 
pensation. 

The  service  reiinired  of  the  teaching  and  supervising 
staff  of  the  Department  of  Education  and  of  the  Normal 
College  may  be  only  partly  New  York  City  service.  In 
addition  to  fifty  per  cent,  of  the  annual  salarj^  at  retire¬ 
ment,  it  is  provided,  in  case  of  the  president  or  a  professor 
of  the  Normal  College,  that  if  this  amount  is  not  an  even 
multiple  of  |1,000  it  may  be  increased  so  that  it  will  be. 

To  benefit  under  the  City  of  New  York  Employees’  Re¬ 
tirement  Fund,  the  employee  must  be  incapacitated  for 
further  service,  and  must  have  been  in  tlie  employ  of  the 
city  for  twenty  years,  if  a  veteran ;  otherwise,  for  thirty 
year's.  Uridei-  all  of  the  other  pension  furrds  it  is  possible 
t(>  retire  with  berrefit  withorrt  becoming  perrrranerrtly  in¬ 
capacitated. 

In  the  Departments  of  Police,  Fire,  Street  Cleanirrg 
and  Health  perrsiorrs  may  be  granted  to  the  dependents 
of  a  deceased  employee,  ranging  in  amount  from  .f200  to 
|1,000  per  annum. 

The  Supreme  Court,  Apjiellate  Division,  First  Depart¬ 
ment,  Retirement  Fund  provides  that  any  employee  who 
has  ser'ved  for  twenty  years,  and  who  loses  his  position 
without  fault  or  misconduct  on  his  part,  shall  be  retired, 
if  application  Ix'  made  within  one  month,  on  an  annuity 
e(|ual  to  as  many  twenty-fifths  of  one-half  of  his  average 
salarw  as  the  number  of  years  he  has  served. 

The  Fire  Department  also  makes  provision  for  the  re- 
lirement  in  llie  service  of  partially  disabled  employees  with 
full  or  part  compensation  from  the  Relief  Fund, 


31 


The  annuitants  of  all  these  funds,  except  those  retired 
under  The  City  of  New  York  Employees’  Retirement  Fund, 
may  occupy  any  public  position  in  the  State  of  New  York 
without  forfeiting  their  pensions. 

The  disbursements  from  the  various  funds  in  1905  and 
1914,  respectively,  follow: 


Increase 

1905.  1914.  or  *Decrease. 

Police . $1,297,724  32  *2,458,275  84  *1,160,551  52 


Education  .... 

527,541  87 

Fire  . 

581,757  47 

Street  Cleaning 

(1911)  . 

187  50 

Health  . 

18,115  06 

City  of  N.  Y. 

Employees  . . 

125  00 

College  of  the 

City  of  N.  Y. 

16,330  45 

Supreme  Court, 

App.  Div.,  1st 

Dep.  (1911). 

499  38 

Supreme  Court,  • 

App.  Div.,  2d 

Dep.  (1914)  . 

1,184,208 

12 

656,666 

25 

1,058,561 

96 

476,804 

49 

164,403 

23 

164,215 

73 

78,781 

65 

60,666 

59 

97,012 

80 

96,887 

80 

4,325 

00 

*12,005 

45 

10,822 

80 

10,323 

42 

900 

00 

900 

00 

Totals  ...$2,442,281  05  $5,057,291  40  $2,615,010  35 


The  increase  in  the  expenditures  from  the  pension  funds, 
1905  to  1914,  was  $2,615,697.23,  or  a  yearly  average  of 
$290,633.02.  The  increase  for  the  four  years  from  1910  to 
1914,  as  shown  by  Appendix  “  A,”  was,  however,  $1,654,- 
553.93,  or  a  yearly  average  of  $413,638,48,  while  the  in¬ 
crease  for  the  five  years  from  1905  to  1910  was  but 
$961,143.30,  or  a  yearly  average  of  $192,228.66.  The  large 
average  yearly  increase  during  the  past  four  years  is  due 


32 


in  great  measure  to  the  establishment  of  the  Department 
of  Street  Cleaning  Retirement  Fund  and  to  amendments 
increasing  the  scope  of  the  City  of  New  York  Employees’ 
Retirement  Fund. 

3.  The  Inadequacy  of  the  Present  Contributions  to 
THE  Various  Pension  Funds  and  the  Rapid 
Growth  of  the  Deficiencies. 

The  deficiencies  will  be  shown  in  each  fund  for  the 
years  in  Avhich  the  receipts  other  than  those  from  bud¬ 
getary  appropriations  or  revenue  bond  funds  fail  to  equal 
the  disbursements. 

Public  School  Teachers’  Retirement  Fund. 


Receipts. 

Disbursements. 

Deficiencies. 

1910. . . . 

.  .  .  $786,340  54 

1834,483  49 

$48,142  95 

1911. . . . 

803,734  45 

881,071  98 

77,337  53 

1912.. .. 

849,198  48 

983,972  19 

134,773  71 

1913. . . . 

. . .  1,031,422  84 

1,110,803  30 

79,380  46 

1914. . . . 

. .  .  1,076,969  64 

1,184,208  12 

107,238  48 

Police  Department  Pension  Fund. 

Receipts. 

Disbursements. 

Deficiencies. 

1905.. . . 

. . .  1904,848  07 

$1,297,724  32 

$392,876  25 

1906.... 

. .  .  1,057,556  86 

1,342,522  07 

284,965  21 

1907. . . . 

. .  .  1,085,118  03 

1,498,311  21 

413,193  18 

1908. . . . 

. .  .  1,255,873  63 

1,568,894  26 

313,020  63 

1909. .  .  . 

. . .  1,148,498  28 

1,634,587  53 

486,089  25 

1910. .  . . 

. .  .  1,068,846  05 

1,723,507  09 

654,661  04 

1911. . . . 

. . .  1,023,878  34 

1,852,647  27 

828,768  93 

1912. . . . 

962,153  57 

2,089,603  03 

1,127,449  46 

1913. . . . 

975,702  53 

2,314,958  86 

1,339,256  33 

1914. . . . 

. . .  1,002,000  24 

2,458,275  84 

1,456,275  60 

33 


Fire  Department  Relief  Fund. 


Deticieueies. 

or 

Receipts.  Disbursements  *Sur])luses. 

1906  .  1606,053  69  -1^606,108  31  f54  62 

1907  .  659,170  84  649,248  59  *9,922  25 

1908  .  672,151  67  684,062  43  11,910  76 

1909  .  729,379  24  729,159  76  *219  48 

1910  .  790,843  86  792,218  08  1,374  22 

1911  .  881,789  52  880,475  28  *1,314  24 

1912  .  859,817  82  986,044  78  126,226  96 

1913  .  838,735  71  985,830  17  147,094  46 

1914  .  848,006  70  1,058,561  96  210,555  26 


Department  of  Ftreet  Cleaning  Pension  Fund. 

No  deficiencies,  1911  to  1914. 

Department  of  Health  Pension  Fund. 

No  deficiencies,  1905  to  1914. 

College  of  the  City  of  New  York  Retirement  Fund. 


Deficiencies 

and 


Receipts. 

Disbursements. 

*Surpluses. 

1905 . 

1555  09 

116,330  45 

115,775  36 

1906 . 

25,442  00 

13,540  18 

*11,901  82 

1907 . 

480  37 

11,687  39 

11,207  02 

1908 . 

25,344  23 

12,812  37 

*12,531  86 

1909 . 

566  81 

9,466  54 

8,899  73 

1910 . 

280  79 

10,449  84 

10,169  05 

1911 . 

10,178  46 

4,741  25 

*5,437  21 

1912 . 

123  13 

5,736  36 

5,613  23 

1913 . 

10,100  45 

5,671  71 

*4,428  74 

1914 . 

127  14 

4,325  00 

4,197  86 

Note. — For  this  fund,  excise  moneys  up  to  1%  are 
available.  It  has  been  the  custom  to  transfer  to  this  fund 
occasional  lump  sums  from  excise  receipts  ranging  from 
|10,000  to  |25,000,  instead  of  transferring  each  year  the 
amount  required  for  that  year. 


34 


Ciiij  of  New  York  E w ploijees'  Retironent  Fund. 

.Just  enough  of  the  excise  taxes  have  been  used  annually 
to  meet  the  dishui'seinents.  Since  11)11,  when  the  law  rela¬ 
tive  to  this  fnnd  was  amended  to  make  it  more  compre¬ 
hensive,  the  disbursements  have  been  as  follows: 

Disbursements. 


1911  .  18,253  72 

1912  .  25,419  95 

1913  .  30,958  50 

1914  . 97,012  80 


i^iiprenie  Courts  Appellate  Dioisiou^  First  Department, 
Retiretnent  Fund. 


Receipts. 

Disbursements.  Deficiencies. 

1911. . . . 

$499  98  $499  98 

4,053  03  2,000  00 

G,G92  44  1,G44  73 

10,822  80  139  50 

1912. .  . . 

1913 .. .. 

1914.. .. 

$2,053  03 
5,047  71 
. . . .  10,G83  30 

Supreme 

Court,  Appellate  Division,  Eecond  Department, 
Retirement  Fund. 

ReceiiJts. 

Disbursements.  Deficiencies. 

1914 . 

$900  00  $900  00 

Listing  the  various  funds  according  to  the  sizes  of 
their  deficiencies  for  the  year  ending  December  31,  1914, 


we  have: 

Deficiencies. 

Police  Department  Pension  Fund .  .|!l,45G,275  GO 

Fire  Department  Belief  Fund .  210,555  2G 

Public  School  Teachers’  Retirement  Fnnd .  107,238  48 


35 


College  of  the  City  of  New  York  Retirement 


Fund .  14,197  86 

Supreme  Court,  Appellate  Division,  Second 

Department,  Retirement  Fund .  900  00 

Supreme  Court,  Appellate  Division,  First 

Department,  Retirement  Fund .  139  50 


The  “  deficiencies  ”  set  forth  above  represent  the 
amounts  by  which  the  receipts  of  the  several  pension  funds 
in  1914,  other  than  from  budget  appropriations  and  special 
revenue  bond  funds,  fell  short  of  the  disbursements  for 
those  years.  They  do  not  represent  the  present  status  of 
the  funds,  some  of  which  have  substantial  cash  balances. 
The  disbursements  are  increasing  rapidly  in  all  of  those 
funds,  and  it  would  seem  to  be  only  a  matter  of  time  when 
all  of  them  will  require  additional  income.  Even  the 
Street  Cleaning  Pension  Fund,  with  its  large  and  yet 
growing  surplus,  disbursed  more  in  1914  than  was  con¬ 
tributed  by  the  members  of  it. 

Essentials  of  a  Good  City  Pension  System. 

Some  of  the  essential  features  of  a  practical  pension 
system  city- wide  in  its  scope  would  appear  to  be : 

1.  Centralization  of  its  control  in  the  Board  of  Esti¬ 
mate  and  Apportionment. 

2.  Uniformity  of  contribution  or  of  non-contribution 
upon  the  part  of  the  beneficiaries,  except  perhaps  in  extra- 
hazardous  employment. 

3.  Uniformity  of  qualifications  for  benefit,  with  per¬ 
haps  the  same  exceptions. 

4.  Fixation  of  benefits  only  after  actuarial  estimates 
of  their  probable  cost  to  the  city. 

5.  Provision  in  the  annual  tax-budget  for  the  pension 
obligations  accruing  each  year. 

6.  The  absolute  fixation  of  rates  and  benefits,  so  that 
nothing  is  left  to  the  discretion  of  the  administrators  of 
the  pension  funds. 


36 


7.  The  confinement  of  pension  benefits  to  employees 
of  the  city,  except  where  death  occurs  to  an  employee  in 
the  performance  of  his  duties. 

8.  The  retention  of  capable  employees  in  the  city  ser¬ 
vice,  regardless  of  their  length  of  seiwice. 

9.  Prohibition  of  employees  from  drawing  pensions 
from  The  City  of  New  York  while  in  the  employ  of  the 
state  or  any  political  subdivision  thereof. 

An  examination  of  the  present  funds  and  the  procedure 
relative  to  them  indicates  the  lack,  in  one  or  another  of 
these  funds,  of  practically  all  these  essentials.  The  sug¬ 
gestions  made  arise,  as  a  matter  of  fact,  out  of  the  obvious 
defects  of  the  present  funds.  If  the  city  is  to  be  placed  in 
the  position  of  providing  in  whole  or  in  part  for  the  various 
pension  funds  now  established,  clearly  it  should  decide 
upon  the  amount  it  can  afford  to  contribute  for  pensions 
and  fix  upon  a  method  of  distribution  that  will  put  all 
employees  of  tlie  city  upon  a  uniform  basis. 

Respectfully  submitted, 

Robert  B.  McIntyre, 
Supervising  Statistician  and  Examiner. 


Rece 


Dial) 


oriH£_  ,  ^ 


37 


APPENDIX  “A” 

Pension  Funds  of  The  City  of  New  York 

Summarized  Statement  of  Eeceipts  and  Disbursements  for  the  Ten  Years  Ended  December  31,  1014. 


Total, 

1005.  lOUG.  1007.  lOOS.  1000.  1010.  1011.  1012.  1015.  1014.  10  Years. 


ItccciptH: 

Vontrihntcd  hji  the  Citji: 

Budgetary  A|)|ir()])riat ions . . 

Si)ecial  l{(>v(‘inie  Bonds . 

UiK'xiKMided  Balances,  Salary  Appropriations.. 
Uedneled  from  Salarii's  for  Absence,  Fines,  etc 
Misc('l  la  neons  City  Ut'vc'inie . 


Ji;i03,046.2G 


20,053.  Gl 
.3SG,720.G1 
1,371.G07.33 


-1:400,000.00 


101.G.53.S5 

420.5SO.53 

1,418,421.13 


-1:400,000.00 


1G5.007.51 
4G2,0G7 . 07 
1,400,258.04 


$400,000.  (K) 


333.845.22 

411.G.54.2G 

1.444,732.23 


$400,000.00 


250,84G.43 
427.730.73 
1.583,007 . 82 


$GO0,000.0o 


8S.3G7.00 
4G3,G11 .00 
1,478,083.70 


-$700,000.00 

1-50.400.08 

2,055.43 

-5-57.278.40 

l.GG5,808.24 


-$874,802.70  $1,200,422.40  -$1,4.57,177.42  $0,00.5,348.84 
38!>,483.12  20-5,741.70  207.374.04  053,000.74 

2,0-53.03  .30,201.00  157.420.15  1.150,400. 

.583,430.75  .5.37,307.70  7-3.3,447.05  4.002.807. 

1,000,120.10  1,027,144.73  1,015,710.18  15,01.3,083. 


Total  Voatribated  by  the  City .  $1,072,327.87  -$2,340.0-55.51  -$2.4.37,323.52  $2,500,231.71  $2,001,08.3.08  .$2,(!.30,002.78  .$.3.07(i.0.32.05  -$3,-548,808.70  .$3,075,0.37.05  .$4,471,130.34  .$20,714,400.11 

(btntrit)uted  bii  KaiytoyccH: 

Assessments^  Beiventafte  of  -Salaries .  204,252.52  420,137.40  424.7()0.40  455,272.24  4.55.050.70  -518.1.50.73  51 2,31!).. 31  001,051.-37  7t)0,101..52  740.110.12  5.2-30.184.58 

Interest  and  M inectbnieoux .  80,730.85  84,054.80  110,540.70  100,085.03  105,777.48  1-30,000.40  88,004. !)4  100,141.81  !)(i,704.7.5  125,l(il.OO  1,038.770. (K) 


Total  Rceeiiits 


.$2,347,317.24  $2,853,847.80  $2,072,042.80  $-3,152,488.08  .$.3,223,112.25  -$3,288,81.3.00  .$.3.(i77,550..30  $4,-340,001.88  $4,781,80-3.02  .$.5,.34.5,710.. 52 -$35,083,450.00 


Disbursements: 

Tensions  .  .$2,440,430.72 -$2,000,701 .84  .$2,874,113.11  -$.3,010,710.52  .$.3,187,5.3.3., 84  .$.3,400,010.-38  ,$.3,004,710.22  .$4,15.3,0.58.0.3  .$4,01. 8., 8,87. 0.3  .$5,040,515.48  .$.35,000,350.07 

Kj'yenscs  and  M iscelianeoiis .  1,154.45  1,008.50  1.20(i.50  1,4.33.53  1.045. .30  2,727.00  3,.32.3.40  .3,.3.52.44  4,002.02  7,775. !)2  2,8.700.00 


Total  Disbursements  .  $2,441,504. 17  $2,001,800.-34  $2,875,400.01  .$.3,021,153.05  .$.3,180,170.20  $.3,402,7.37.47  .$.3,00,8,042.71  .$4,1,57.011.07  .$4,02.3,700 . .55  .$.5,057,201 . 40 .$.35,038,000.57 


EQUATION 


Credits: 

Balances  in  Funds,  January  1,  1005 
Receipts,  10  years . 


Debits: 

Disbursements,  10  years . 

Balances  in  Funds,  December  31,  1014 


.$2,104,010.07 

35,0,83,4.50.00 


$.38,0.88,001.-30 


.$35,0.3,8,000.57 

3,040,001.70 

-  .$.3,8,088,001,30 


i'.hs'  'k 


;i9 


APPENDIX  A  ’’—Contmued. 


PUBLIC  SCHOOL  TEACIIEIIS'  PvETIKEMENT  FUND. 


1905. 

1900. 

1907. 

1908. 

1909. 

1910 

1911. 

1912. 

1913. 

Total, 

1!)14.  10  Years. 

lieeeiptH : 

Vunlribuled  bp  the  City — 
Deductions  from  Salaries 

for  Al).sence . 

.$211.!)70.05 

,$274,743.13 

$227,523.32 

.$201,040.23 

.$254,018. 4i» 

,$2,5.5,404.17 

.$2.54,.3,84.()2 

.$240,123.92 

=".$4(!.3,7.55.(!7  .$2.(i.30.971 . 09 

2S5,275.54 

287,853.. S9 

294,094.22 

3, 80,054., 5,8 

272,772.03 

2!)1,,8().3.10 

2,8(i,579.07 

$4,84,212.31 

2,81  ,.5,84 ,  .35  .3, 152„80.3 . 35 

Total  Contributed  by 

the  City . '.  . . 

. .  .$408,709.09 

■$4!)7,2,51.59 

.$502,5t)7 . 02 

.$522,217.54 

.$(>47,700., 81 

.$527,,3!)0.52 

.$547,2(i7..33 

.$540,90,3.09 

.$724, .330. 2.3 

.$74.5,.34() . 02  .$5,7,8.3,774 , 44 

Contributed  by  hhnytoyeeH — 

Ass(>ssnients,  1%  of  Salarit's . 

. .  .$92.0.38.93 

l(i9.054.42 

17,8,214.73 

1,89,402.90 

19,8, 4, 82., 87 

207,030.  !>.3 

215.1.5,8.45 

257,729.  !)7 

270,1,84.44 

2,85,748 , 42  2,004,240 . 12 

Interest  and  M iNeettaneou.s . . 

_  .35,708.15 

39,700.84 

43,543.14 

4,8,530.02 

52,025.10 

51,.319.09 

41,.3()8.(t7 

.50, 504., 82 

.30,902.17 

4.5,, 881, 20  44.5,495., 80 

Total  Beeeiyt.s  . 

.  .$597,05(!.77 

$7(»0,(t72.85 

$7.84,3,54 .  ,Si) 

,$700.1,57.12 

.$,89, 8,208., 84 

.$7,80,.340.54 

.$,80,3,7.34.45 

.$,849,198.4,8  $  1,0,31, 422., 84  .$1.070,9(i9.04  .$,8.29.3,510.42 

I)istiurt<e7nents: 

To  Annuit<f)it!<  . 

.  ,$527,541.87 

$010.981.. 54 

,$0.S9,:!90.(il 

,$724,110. ,85 

.$777,.8(K).,85 

.$,8.33,.8(;3..5!) 

$,8,80, .3, 89., 8.3 

,$9,8.3,,5,54.99  .$1 ,108.874  .  .30  $1,1, 8.3, .397.  OS  .$,S,.325.90,8.,54 

Bxyenne  . 

141.00 

019.90 

(i.82.15 

417.20 

1,!»2!).00 

811.04  4,(J00.29 

Total  IHntnirsenientti 

.  .$527..541 . 87 

.$(;10,9.'^4..54 

,$0,S9.3it0.(i4 

.$724,110.85 

.$777,!)41..85 

$,8.34.4,8,3.49 

,$,8,81,071.98 

.$9,8.3.972.1!)  .$1,110.,80.3..30  $1.1,84.208.12  .$,8..3.30..50,8 . ,8.3 

’"KoCuiids  (o  lo.McluM's  for  :ihs('iicos  oxcusc'd,  withlu'ld. 

tBof'iiiiuiif:  with  oxciso  taxos  woro  paid  into  the  fund  hefore  cdose  of  the  year.  Thus  in  lt)13  the  fund  reeeived  practically  two  year.s’  exci.se  taxes. 


Balance,  Jannanj  1.  .  .$04.3,424 . 98 

Keceii)ts,  1905-1914,  inclusive .  8,293,510.42 


Less  Disbursements,  1905-1914,  inclusive. 

Balance,  December  ^1,  1914 . . 


.$9,2.30.941 . 40 


.$900,432.57 


Receit 

C< 


L'.’i'AiiY 

OF  THE 

m-^TTisrrY  OF  laiNo: 


Dishvr 

Ti 

Ea 


41 


APPENDIX  ‘‘  A  ^'—Continued. 

POLICE  PENSION  FUND. 

Total, 

1905.  1900.  1907.  1908.  1909.  1910.  1911.  1912.  191.'*..  191-t.  10  Years. 


liccciplfi: 

Coulrilnilcd  hj)  the  Ci7// — 

P.tuU'elary  Aj.pi-oiiilat ions  .  .819:5,9 10.20 

Special  Uev(‘im(>  Ponds .  . 

Uiie.xpended  P.alances,  Salai'y  Ai)[)r()iiri,ations — I’rior 

Y(‘ars  .  20, 05:5.07 

I  >e(liic(ion.s  ri’oni  Sal.aries  for  Absence  and  Fines....  194.02:5.85 
.MiscellaiH'ons  City  Itc'veinK's .  4S2.:5SO.:51 


.8400,(K)0.00 

.$400,  (M  to.  00 

$400,000.  (X) 

$400, (MX).  00 

$000,000.00 

101.053., 85 

105.997.. 51 

:5:33„S45.22 

250.,840.43 

8,8,307.99 

21 0.954., 84 

181.5,88.09 

17.S..59,8.44 

158.9,87.15 

199,422.32 

489,900.. 58 

490.,S8S.03 

4,80.01(5. 03 

4,87.785.45 

479,5,57 . 0(5 

.87(K),000.00  .8872.802.70  .81,201..5:58.:51  .81,450,000. (K)  .80,0,S1,2S7.:50 

150,000.00  202,085.52  .50,000.00  .  40,S,:585..52 


2.955.4:5 

209,994.27 

484,011.82 


199.280.40 
478,990.  .'59 


.‘5,870.01 

195.:502.90 

482,844.92 


29„542.(i2 

174.1.5:5.07 

475,907.28 


997.1:52.70 

1,902.:50,5.9!) 

4,8:59,48:5.07 


Total  (Uialrihtilcd  hi/  the  Cf/// .  .8890,404.09 

Contrihuted  h/i  bhaido/iccH— 

Assi'ssnicnI.s,  2  Per  Cent,  of  Salaries .  201.01:5.59 

Jnivrcxt  and  M isccllanconx .  0,770.05 


.81.202..509.27  .81.208,474.83  .81, .‘599,0,59. 09  $1,297,019.03  $1,.3G7,:547.97 

2.51.083.07  242,:5.32.19  2.53.1.34 .  .30  241,;5:53.95  295,583.20 

:5.904.,52  4,311.01  3,079.04  9,.545..30  5,914.82 


$1.007, .501  ..52  $1.81:1,4.59.07  .82,002,.5,50.20  .$2,129,002.97  .814,948..594.04 


200.9.57.48  281,008.29  288.277.27  *.31.5,2.53.05  2,0:50..570.45 

.5.:5,59.34  2,874.43  5,407.40  7,144.22  .54.977.  .‘l.'l 


Total  Itccriiitx 


.81. 098,794.. 33  $1,4,57,550.80  $1,485,118.03  .81,055,87.3.03  .81,-548,498.28  $1,008,840.05  $1.87:5.878. ;54  .82,097,:541 . 79  .82.290.240.87  .$2, 4.52,0(K). 24  $17,0:54,14.8.42 


IHshiirxcnii'iitx: 

To  l‘(  nxion<  rx  .  $1,290.779. ,87  $1,342,053.57  $1,497,2.32.21  .81..507.5.84.20  $1,0.3:5,420.53  $1,721,, 819., 84  $1,850,098.12  .82,0,87.044.28  .82,3 1.3,1  .‘50., 80  .82,4.50,791  .,84  . 817,707.1. 55.:5,8 

N.riicnxr  and  M ixccllanroiix .  944.45  408. .50  1.079.00  1,-310. 00  1,107.00  1,0,87.25  1.949.15  1,958.75  l.,82,8.()0  1,4,84.(10  i:5,,870.10 


Total  DixhnrHVinvntH 


$1, ■297.724.. 32  .81.:542.5‘22 . 07  $1.49,8,:511 . 21  .81..50S,S94.2G  .81.0.34,5, 87.. 53  $1.72.3,507.09  $1.8.52,047.27  .82,089,00:5.03  .82,314,958. ,80  .82.4,5.8,275., 84  $17,7,81,0:51.4,8 


Balance,  January  1,  1905 .  $147,015.10 

Uoceipts,  10  years .  17,0:34.148.42 


Less  Disbnrsomonts,  10  years . 

Balance,  December  31,  1914 


$17,781,703.58 

17,781,031.48 


-8732.10 


Receipi 

Co 


To 

Ini 


UBi^AnY 

VWrfBSrTYOF  lUlNOli 


Disbun 

To 

Ex 


43 


APPENDIX  “  A  ’’—Continued. 

FIRE  DEPARTMENT  RELIEF  FUND. 


Total, 


1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

1913. 

1914. 

10  Years. 

Receipts: 

Vontribnted  by  the  (Hty: 

Siu'cial  IJeveiuui  Doiids . 

$127,097.60 

8,446.88 

823,925.44 

$149,741.70 

10,867.87 

800,.577.9.3 

.$207,.374.94 

7,883.83 

80.8,478.10 

$4,84,214.24 

7.5,8.33.58 

7,020,-354.56 

Dednclioiis  I'roiu  Salaries  I'or  .\bseuce  and  Fiiu's.. 
Sundry  ('ity  K(‘venu('S . 

.$5,9(10.67 

.5()4,078.J3 

$6,649 . 64 
567,()74.00 

.$5,735.25 

599,781.45 

$5,532.50 

621,828.23 

$7,106.35 

687,992.70 

$9,570.28 

707,739.74 

.$8,080.31 

838,278.84 

Total  Coiitribiiled  bii  the  Vita . 

interest,  Donaliinis,  etc . 

.$.570,038.  SO 
.30,774.49 

$574,323.64 

31,730.05 

$605,516.70 
53,654 . 14 

$627,360.73 

44,790.94 

$695,099.05 

34,280.19 

$717,310.02 

73,533.84 

$846..3.59.15 
35,4.30.. 37 

$959,469.92 

27,445.50 

$961, 187.. 50  $1,02.3,7.36.. 87  .$7,.5, 80,402 . 38 
27,2,89.91  *31,644.77  390,574.20 

Total  Receipts  . 

.$600,813.29 

$606,053.69 

$659,170.84 

$672,151.67 

$729,379.24 

.$790,843.86 

.$881,789.52 

$986,915.42 

.$988,477.41  $1,05.5,381.64  $7,970,976.58 

Dis1)iirsements: 

To  |•ensioners  . 

Expenses  . 

$581, .547. 47 
210.00 

.$605,478.31 

ti30.00 

$649,031.09 

217.50 

$68.3,938.90 

123.53 

$728,822.40 

337.36 

$791,798.14 

419.94 

.$879, 975.. 59 
499.69 

.$985,702.28 
342 . 50 

.$9.85,727.67 

102.50 

$1,0.54,449 .  .56  .$7,946,471 . 41 
4,112.40  6,995.42 

Total  l)isburse)n(’nts  . 

.$.581,757. 17 

.$606,108.31 

$649,248.59 

$684,062.43 

$729,159.76 

.$792,218.08 

.$880,475.28 

$986,044 . 78 

.$9.85,8.30,17  .$1,058,.561.96  .$7,95.3,466.83 

*  Includes  Discount  on  bond  luirchased,  carried  on  books  at  par. 


Bahuwe,  Januan/  1,  1905 .  $834,111.43 

Receipts,  10  years .  7,970,976.58 

-  $8,805,088.01 

Less  nishursements,  10  years .  7,953,466.83 


Balance,  December  31,  1914 


$851,621.18 


45 


APPENDIX  “A” — Vontmued. 


DEPARTMENT  OF  STREET  CLEANING  PENSION  FUND. 


*1911 

1912 

1913 

1914 

Total 

4  Years 

Receipts: 

Contributed  bp  the  City — 

Tinexnended  Balances  .Salarv  Annrnnrintinns 

.$30,582 . 70 
91,073.01 
52.508.97 

$123,338.15 

87,655.08 

186,128.65 

$153,920.85 
323,787 . 13 
281,945.02 

Deducted  from  Salaries  for 
Miscellaneous  City  Revenue 

Absence . 

$23,739.65 

$121,319.39 

43.307.40 

Total  Contributed  by  the  City . 

Contributed  by  Employees,  3  Per  Cent,  of  Salaries.. 
Interest  and  Donations . 

_  $23,739.65 

105.04 

$164,626.79 

1.38.S78.9S 

7.997.92 

$174,164.68 

1.33.047.77 

14.014.82 

.$397,121.88 

128,937.90 

26,135.72 

$759.653 . 00 
422.794.63 
48.853.50 

Total  Receipts  . 

_  .$45,774.67 

.$311.,503.69 

,$321,827.27 

$552,195.50  $1,231,301.13 

Disbursements: 

To  Pensioners  . 

$16,075.93 
628 . 99 

$113,801.71 

1.043.12 

,$163.0.39.75 

$292.917., 39 
3,223.09 

Expense  . 

-  $187.50 

1..363.48 

Total  Disbursements  . . 

_  $187 . 50 

.$16,704.92 

$114,844.83 

$164.403 . 23 

296,140.48 

*Fiiii(l  established  October  1.  1911. 


Receipts,  October  1,  1911,  to  December  31,  1914 .  ,'^1.231.301 . 13 

Disbursements,  October  1.  1911.  to  December  31,  1914  .  296.140.48 

Balance,  December  31.  1914 .  |93o,lG0.65 


9:42.741 . 90 
892.418. 7o 


Cash  in  Banks 
Bonds  (Cost) 


$935,160.65 


Receipt 

Cor 

Cor 

Int 


Dishurs 
To ' 
Exl 


*Pr6 


tr 


47 


AT*PEN1)TX  “  A  Continued. 

DEPARTMENT  OF  HEALTH  PENSION  FUND. 


Total 

1!K)5.  1!)07.  1908.  1909.  1910.  1911.  1912.  1919.  1914.  10  Years. 


Vontributcd  bu  the  Cih 


Miscellaiu'ous  (’itv  Itevenues . 

Contributed  bp  Fin plopces,  1%  of  Salaries . 

.$48,050.29 

$49,071.01 

$29,234.97 
4,222.57 
8,501 . 18 

$15,018.75 

12,784.98 

9,088.00 

$19,040.. 3.3 
15,8:33.97 
9,:300.02 

$1.5,405.91 

14,9:30.54 

8,950.95 

.$:!2,950.70 

14.273.40 

0,228.00 

.$40,900.25 

I. 3,4.34.18 

II, 190.01 

.$00,042,10 

14,440.09 

1 2,422., 5(i 

.$0(i,.599.00 

i:{,.398.19 

14,170.05 

.$.377,:325.31 
10.3, 208., 87 
95, .597 . 84 

Intere.'it  . 

0  922 . 47 

8,151.89 

Totals  Receipt.s  . 

.$.57,222.40 

$42,018.07 

.$.37,887.38 

$44,240.32 

$.39,293 . 40 

,$5.3,447 . 10 

$05, .5.30., 39 

.$92,904.75 

.$94, 108., 84 

.$57(>,192.02 

Disbursements: 

To  Pensioners  . 

J'Lrpense  . 

.$21,205.24 

.$25,271 . 78 

$29,098.14 

.$.3,5,804.70 

$:38,870.01 

.$40,100.81 

5.  DO 

.$45,471.78 

5.00 

.$54,0.30.74 

.$78,770.05 

5.00 

.$.3, 87,405., 52 
15.00 

Total  Disbursements  . 

$18,115.00 

.$21,205.24 

.$2.5,271.78 

.$29,098.14 

$.35.804 . 70 

.$.38,.870.01 

.$40,105.81 

.$4.5,470.78 

.$.54,0.30.74 

$78,781 . 05 

.$.3.87,420.52 

*l‘remiums  and  Commissions  on  Bonds  Purchased . 

7,800.00 

,500.00 

818.75 

790.00 

9.40,8.75 

Total  . 

.$21,205.24 

.$25.271 . 78 

.$29,098.14 

.$.3.5,804.70 

$38,870 . 01 

$47,905 . 81 

$45,970.78 

.$54..349.49 

$79,571 . 05 

.$.390.,829.27 

*  Wlieii  hoiids  are  purchased  for  account  of  the  fund,  it  is  the  practice  to  charge  off  at  once,  the  amount  of  premium  and  commission,  and  carry  tlie  bonds  on  the  hooks  at  par  value. 


Balance  of  Fund.  Januani  1,  lOOu .  .$154,948.87 

Receipt!^.  10  years .  570,192.02 


.$7.81,140.89 

lUshursemenU.  10  years .  $887,420. ,52 

Bremium  and  Commi.-ision .  9,408.75 


890,829.27 


Balance,  December  31.  1914 


.$.334,.311.e2 


Receipt 

Go 

Ini 


DisWr 

To 


HE 

iV  OFILUNOU 


49 


APPENDIX  “  A  ’’ — Continued. 


COLLEGE  OF  TUB 

CITY  OF 

NEW  YORK 

RETIREMENT 

FUND. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

191.3. 

1914. 

Total, 

10  Years. 

Beeviyts: 

Vontribnled  by  the  City  -- 

l''iXcis(‘  'I'nxi's  . 

* 

$25,000.00 

442.00 

$25,000.00 

344.23 

$10,000.00 

178.46 

$10,000.00 

100.45 

$70,000.00 

3,198.47 

Interest  . 

$480.37 

$5(]6.81 

$280.79 

$123. 13 

$127.14 

Total  Receipts  . 

.$25,442.00 

$480.37 

$25,344.23 

$.566.81 

$280.79 

$10,178.46 

.$123.13 

$10,100.45 

$127.14 

$73,198.47 

Disbursements  : 

To  Annuitants  . 

$13,.540.18 

$11,687.39 

.$12,812.37 

$9,466.54 

$10,449.84 

.$4,741.25 

$5,7.36.36 

.$5,671.71 

$4,325.00 

$94,761 . 09 

Balance,  January  1,  1905 .  $24,510.23 

Ilvccipts,  10  years .  73,198.47 


$97,708.70 


Disbursements,  10  years .  94,761.09 

Balance,  January  1,  1915 .  .$2,947.61 


51 


APPENDIX  A  ’’—Continued. 

CITY  OF  NEW  YORK  EMPLOYEES’  RETIREMENT  FUND. 


Total, 


1905. 

1900. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

1913. 

1914. 

10  Years. 

Receipts: 

( 'ontribnled  by  the  (Mly  of  New  York — 

Excise  Taxes  . 

.  .$125.00 

$1,500.00 

$1,500.00 

$1,575.00 

,$2,218.70 

$3,208.30 

$8,253.72 

$25,419.95 

$.30,9.58.50 

.$97,012.80 

$171,772.09 

hislnirsemcnts: 

Pcn.sioiis  . 

$1,500.00 

$1,500.00 

$1,575.00 

.$2,218.70 

$3,208.30 

.$8,2,53.72 

.$25,419.95 

.$.30,9.58.50 

.$97,012.80 

$171,772.09 

SUl’REME  COURT^  AITT'ILLATE  DIVISION^  FIRST  DEPARTMENT^  I'ENSION  FUND. 


1911. 

1912 

1913 

1914 

Total, 

4  Years. 

Receipts: 

Contributed  by  the  City — 

Bud.e:ctary  Appro] )riat  ions  . 

.$2,000.00 

,$4,884.12 

$0,277.42 

$13,101.. 54 
499.98 

Special  Revenue  Bonds . 

$499.98 

Unexpeuded  Balances,  Salary  Ai)propriatious . 

2,053.03 

1,808.. 32 

4,.54.5..38 

8,400.73 

Total  Contributed  bv  the  City . 

(\)ntributed  by  Employees,  1%  of  Salaries . 

$499.98 

,$4.0,53.0.3 

.$0,092.44 

3,211.95 

27.44 

$10,, 822. 80 
0,0,80.50 
.51.30 

.$22,008.25 

9,298.51 

Interest  . 

78.80 

Total  Receipts  . 

$499.98 

.$4,053.03 

.$9,931.83 

.$10,900.72 

$.31,445.50 

Dishnrsements: 

Pensions  . 

$499.98 

$4.0.53.03 

.$0,092.44 

.$10,822.80 

.$22,008.25 

Total  Receipts  .  $.11,44.'). 50 

Total  Disbursemeuts .  22,008.25 


Balance,  December  31,  1914 


$9,377.31 


53 


APPENDIX  “  A  ’’ — Continued. 

Supreme  Court^  Appellate  Division^  Second  Depart¬ 
ment^  Retirement  Fund. 


1914 

Receipts — 

Contributed  by  the  City. 

Budgetary  appropriation .  |900  00 

Disbursements — 

Pensions  . .  $900  00 


54 


APPENDIX  “  B.” 

Pension  Funds  of  the  City  op  New  York. 

Analysis  of  Revenues  for  the  Year  1914,  Showing  the  Sources 
Thereof. 


Public  School  Teachers’  Retirement  Fund. 


Contributed  by  the  City: 
Deductions  from  Salaries  for 

Absences  . 

Excise  Taxes . 

Contributed  by  Employees : 

One  Per  Cent.  Assessment  upon 
Salaries  . 

Interest  and  Miscellaneous: 

Interest  on  Deposits . 

Interest  on  Investments . 


$463,755.67 

281.584.35 

-  $745,340.02 


285,748.42 

-  285,748.42 


2,272.01 

43,609.19 

-  45,881.20 

- $1,076,969 . 64 


I’olice  Department  Pension  Fund. 


Contributed  by  the  City: 

Budgetary  Appropriations  . $1,450,000.00 

Unexpended  Balances,  Salary 

Appropriations  .  29,542 . 62 

Deductions  from  Salaries  for 

Absences  and  Fines .  174,153.07 


Miscellaneous  City  Revenue: 

Excise  Taxes . 

Steam  Boiler  Inspection . 

Masked  Ball  Permits . 

Sale  of  Unclaimed  Personal 

Property . . 

Pistol  Permits . 

Unclaimed  Cask . . 

Identification  Card  Fees 


Contributed  by  Employees: 
Two  Per  Cent.  Assessments 
upon  Salaries . 


.$430,000.00 

24,708.00 

8,410.20 

6,503.33 

4,349.50 

1,855.75 

14.50 

-  475,907.28 

- $2,129,602 . 97 


314,083.31 


Additional  10  Per  Cent.,  Water 

Board  Police  .  1,169.74 

-  315,253.05 

Interest  and  Miscellaneous: 

Interest  on  Deposits  .  6,275.11 

Donations  .  492.69 

Per  Cent,  of  Rewards .  376.42 

-  7,144.22 


-$2,452,000.24 


55 


APPENDIX  “B  Continued. 


Fire  Department 

Contributed  bn  the  City: 

Special  Revenue  Bonds . 


Relief  Fund. 

.  $207,374.94 


Miscellaneous  City  Revenue: 

Excise  Taxes .  $525,000.00 

Bureau  of  Combustibles .  130,188.68 

Penalties .  2,100.60 

Foreign  Insurance  Tax .  145,361 . 81 

Sale  of  Condemned  Property . . .  5,827 . 01 


Fines,  Uniformed  Force,  De¬ 
ducted  from  Pay  Rolls .  2,887.44 

Special  Leaves,  Uniformed 
Force,  Deducted  from  Pay 
Rolls .  4,996.39 


Interest  and  Miscellaneous: 

Interest  . 

Donations  . 


808,478.10 


7,883.83 

- $1,023,736 . 87 

26,034.87 

704.90 

-  26,739.77 

- $1,050,476  64 


Department  of  Street  Gleaning  Pension  Fund. 

Contributed  by  the  City: 

Unexpended  Balances  of  Appro¬ 
priations  for  Salaries .  $12.3,338.15 


Miscellaneous  City  Revenue: 

Privileges  of  Scow  Trimming . .  $110,819 . 18 
Redemption  of  Incumbrances . .  5,455 . 30 

Sale  of  Incumbrances .  205.01 

Sale  of  Condemned  Property . . .  18,757 . 83 

Sale  of  Steam  A.sbes .  4,016.36 

Garbage  Contract .  46,874.97 


Deducted  from  Salaries  for 
Absences  . 


186,128.65 


87,655.08 


Contributed  by  Employees : 
Three  Per  Cent.  Assessment 

upon  Salaries . 

Interest  and  Donations  . . . . 


$397,121.88 

128,937.90 

26,135.72 


$552,195.50 


Department  of  Health  Pension  Fund. 

Contributed  by  the  City: 

Pines  and  Penalties  for  Violations  of  the  Sanitary  Health 


Code  .  ,$66,599.00 

Contributed  by  Employees : 

One  Per  Cent.  Assessment  upon  Salaries .  13,393.19 

Interest  and  Miscellaneous: 

Interest  on  Deposits  and  Investments .  14,176.65 


$94,168.84 


56 


APPENDIX  “B  ^’—Continued. 

College  of  the  City  of  New  York  Retirement  Fund. 

Interest  and  Miscellaneous: 

Interest  .  $127.14 

-  $127.14 


City  of  New  York  Employees’  Retirement  Fund. 


Contributed  by  the  City: 
Excise  Taxes . 


$97,012.80 

-  $97,012.80 


Supreme  Court,  Appellate  Division,  First  Department,  Retirement 
Fund. 


Contributed  by  the  City: 

Budgetary  Appropriations  .  .$6,277.42 

Unexpended  Balances,  Salary  Appropriations  4,545.38 


Contributed  by  Employees: 

One  Per  Cent.  Assessment  upon  Salaries...  $6,086.56 


Interest  and  Miscellaneous: 

Iutere.st  .  ,$51.36 


$10,822.80 

6,086.56 

51.36 


$16,960.72 


Supt'eme  Court,  Appellate  Division,  Second  Dejyartment,  Retirement 
Fund. 

Contributed  by  the  City: 

Budgetary  Appropriation  .  $900.00 


